Swiss Franc (CHF) Technical Major Currencies (2011-12-06)

By IBT Staff Reporter On 12/06/11 AT 1:58 AM

Morning Report

Until now, the bearish Butterfly harmonic pattern is still valid, but we recognize another bullish technical structure on the chart, which could negate the extension of the CD leg. The level of 0.9235 is the first technical barrier facing the pair today, where this level represents the neckline of the bullish structure. Therefore, we remain neutral today, as consolidation above 0.9235 could trigger an upside move, while stability below this level and breaching the level of 0.9180 could support the effect of the bearish Butterfly pattern to return.

The trading range for today is among the major support at 0.8980 and the major resistance at 0.9400.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Previous Report

Weekly Report

Support

0.9180

0.9110

0.9080

0.9045

0.9015

Resistance

0.9235

0.9260

0.9290

0.9335

0.9370

Recommendation

Based on the charts and explanations above we remain neutral, awaiting more confirmations